Salary Mortgage Calculator
How much mortgage can I afford based on my salary?
When applying for a home loan, lenders will limit what percentage of your salary can go towards a mortgage. After deducting taxes and debt payments, your remaining salary needs to be enough to cover your living expenses. You should also have extra funds for your retirement account, house repairs, and unforseen emergencies. Use this mortgage affordability calculator at SalaryCalculator.com to find out how expensive of a house you can afford based on your current salary. All fields are required.
1) Enter your monthly salary as well as any income from other sources, such as interest or rental income.
2) Next, input info about the home you wish to buy, including your down payment and estimated interest rate.
3) Finally, detail your monthly expenses. For example: Your credit card, student loan, and car payments.
4) The mortgage affordability calculator will calculate both the home price and the mortgage you can afford.